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1

Reichling, Peter. Hedging mit Warenterminkontrakten. Bern: P. Haupt, 1991.

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2

Institute of Internal Auditors (U.K.), ed. Managing commodity risk: Using commodity futures and options. Chichester: Wiley, 2001.

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3

Exchanges, Reserve Bank of India Committee on Hedging through International Commodity. Report of the Committee on Hedging through International Commodity Exchanges. Mumbai: Reserve Bank of India, 1997.

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4

Claessens, Stijn. Hedging commodity price risks in Papua New Guinea. Washington, D.C. (1818 H St., NW, Washington 20433): International Economics Dept., World Bank, 1991.

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5

Scheuenstuhl, Gerhard. Hedging-Strategien zum Management von Preisänderungsrisiken. Bern: P. Haupt, 1992.

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6

Satyanarayan, Sudhakar. Hedging cotton price risk in Francophone African countries. Washington, DC: World Bank, 1993.

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7

Bobin, Christopher A. Agricultural options: Trading, risk management, and hedging. New York: Wiley, 1990.

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8

Cairns, Sinquefield Jeanne, ed. Inside the commodity option markets. New York: Wiley, 1985.

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9

Bittman, James B. Trading and hedging with agricultural futures and options. Columbia, MD: Marketplace Books, 2008.

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10

Crops, United States Congress House Committee on Agriculture Subcommittee on Risk Management and Specialty. Review the status of hedge-to-arrive contracts: Hearing before the Subcommittee on Risk Management and Specialty Crops and the Subcommittee on General Farm Commodities of the Committee on Agriculture, House of Representatives, One Hundred Fourth Congress, second session, July 24, 1996. Washington: U.S. G.P.O., 1996.

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11

Litterst, R. S. The commodity marketing/supply progressive hedge program: To maximize sure profits for farmers and individual businessmen showing how to use the national trade exchanges to your fullest gain without risk. Brooksville, Miss: R.S. Litterst, 1995.

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12

Winning in the futures market : a money-making guide to trading hedging and speculating. New York: McGraw Hill, 1997.

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13

Papaioannou, Michael G. Emerging market portfolios: Diversification and hedging strategies. Chicago: Irwin Professional Pub., 1997.

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14

Larson, Donald F. The effects of option-hedging on the costs of domestic price stabilization schemes. Washington, DC: International Economics Department, World Bank, 1991.

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15

Larson, Donald F. The effects of option-hedging on the costs of domestic price stabilization schemes. Washington, DC (1818 H Street, NW, Washington DC 20433): The World Bank, 1991.

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16

United States. Congress. House. Committee on Agriculture. Subcommittee on Conservation, Credit, and Rural Development. Regulation and trading of leverage contracts and dealer options: Hearing before the Subcommittee on Conservation, Credit, and Rural Development of the Committee on Agriculture, House of Representatives, Ninety-ninth Congress, first session, March 20, 1985. Washington: U.S. G.P.O., 1985.

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17

Powers, Mark. Inside the financial futures markets. 3rd ed. New York: Wiley, 1991.

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18

Folwell, Raymond J. Using futures and options as price risk management tools in the Pacific Northwest feeder cattle industry. [Pullman, Wash.]: Washington State University Cooperative Extension, 2003.

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19

Grant, Dwight. Optimal futures positions for corn and soybean growers facing price and yield risk. Washington, D.C: U.S. Dept. of Agriculture, Economic Research Service, 1989.

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20

Trade, Chicago Board of, ed. Introduction to hedging with futures and options. Chicago: The Board, 1995.

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21

Stephens, John J., and John Stephens. Managing Commodity Risk: Using Commodity Futures and Options. Wiley, 2000.

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22

Stephens, John J. Managing Commodity Risk: Using Commodity Futures and Options. Wiley & Sons, Incorporated, John, 2008.

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23

Introduction to agricultural hedging: Home study course. [Chicago]: The Board, 1988.

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24

International Swaps and Derivatives Association., ed. 2000 supplement to the 1993 ISDA commodity derivatives definitions. New York, NY: The Association, 2000.

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25

Understanding Hedged Scale Trading. McGraw-Hill, 2001.

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26

Priyanka, Singh, and Indian Institute of Management, Ahmedabad., eds. Hedging effectiveness of constant and time varying hedge ratio in Indian stock and commodity futures markets. Ahmedabad: Indian Institute of Management, Ahmedabad, 2008.

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27

Bittman, James B. Trading and Hedging with Agricultural Futures and Options. Wiley & Sons, Incorporated, John, 2012.

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28

Bittman, James B. Trading and Hedging with Agricultural Futures and Options. Wiley & Sons, Incorporated, John, 2012.

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29

Trading and Hedging with Agricultural Futures and Options. McGraw-Hill Companies, 2001.

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30

Mixon, Scott. Research Issues in Commodities and Commodity Derivatives. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780190656010.003.0027.

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Commodity derivatives allow hedgers to smooth wealth across different states of the world and provide a direct link between financial markets and the real economy. This chapter describes recent research related to core concepts for these products: hedging behavior, the provision of liquidity in commodity markets, and the “financialization” debate related to the recent inflow of institutional investments into commodities. Intermediation activity in these markets has evolved in recent years. Modern commodity markets now incorporate extensive intermediation by swap dealers to facilitate over-the-counter swap dealing activity and execute the associated hedging activity linking swap and futures markets. The emergence of highly computerized, automated trading and the trend toward liquidity provision by commercial firms are intermediation issues that require better understanding. The chapter also provides insights into the types of topics faced by researchers who consider policy-related issues.
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31

Etzkorn, Mark, and Jack D. Schwager. Complete Guide to the Futures Market: Technical Analysis, Trading Systems, Fundamental Analysis, Options, Spreads, and Trading Principles. Wiley & Sons, Incorporated, John, 2017.

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32

Complete Guide to the Futures Market: Technical Analysis, Trading Systems, Fundamental Analysis, Options, Spreads, and Trading Principles. Wiley & Sons, Incorporated, John, 2016.

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33

Etzkorn, Mark, and Jack D. Schwager. Complete Guide to the Futures Market: Technical Analysis, Trading Systems, Fundamental Analysis, Options, Spreads, and Trading Principles. Wiley & Sons, Incorporated, John, 2017.

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34

Stijn, Claessens, Duncan Ronald C, and World Bank, eds. Managing commodity price risk in developing countries. Baltimore: Published for the World Bank [by] the Johns Hopkins University Press, 1993.

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35

Kholodnyi, Valery A., Peter Laurence, and Fred Espen Benth. Quantitative Energy Finance: Modeling, Pricing, and Hedging in Energy and Commodity Markets. Springer, 2016.

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36

Ielpo, Florian. The Economics of Commodities and Commodity Markets. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780190656010.003.0002.

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This chapter covers the economic fundamentals of commodity markets (i.e., what shapes the evolution of the price of raw materials) in three steps. First, it covers the theories explaining why the futures curve can be upward or downward sloping, an essential element for commodity producing companies. The evolution of inventories and hedging pressures are the two dominant sources of explanation. Second, the chapter reviews the fundamentals of commodity spot prices: technologies, supply, demand, and speculation. Production costs draw the long-term evolution of prices, but demand and supply shocks can trigger substantial variations in commodity prices. Third, the chapter presents how commodity prices interact with the business cycle. Commodities are influenced by the world activity but can also have a material impact on it.
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37

US GOVERNMENT. Review the status of hedge-to-arrive contracts: Hearing before the Subcommittee on Risk Management and Specialty Crops and the Subcommittee on General ... Congress, second session, July 24, 1996. For sale by the U.S. G.P.O., Supt. of Docs., Congressional Sales Office, 1996.

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38

Board, Iowa Utilities, ed. Report of the board inquiry into gas price hedging using financial derivatives, docket no. NOI-94-1. Des Moines: The Board, 1995.

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39

Tsetsekos, George, and Michael G. Papaioannou. Emerging Market Portfolios: Diversification and Hedging Strategies. Irwin Professional Pub, 1996.

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40

Devos, Erik. Physical Commodities. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780190656010.003.0007.

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Unlike other financial assets, commodities have a physical component that introduces additional complexities for valuation and hedging. Physical commodities are broadly classified into energy, metals, agricultural, and livestock with each having unique characteristics. Still, commodities of the same type are subject to varying degrees of quality. Commodity investments typically use futures contracts, as opposed to spot transactions. Most futures transactions are closed before expiration and physical delivery is infrequent. The futures price is rarely equal to the spot price, and the intertemporal difference is related to the carrying costs and benefits of possessing the underlying commodity. Carrying costs include transportation, insurance, storage, and opportunity costs, while benefits are reflected in convenience yield and lease rate. Speculators seek to profit from discrepancies between markets over time. Manufacturers and end users are more likely to conduct hedging transactions, while large-scale financial institutions are more likely to conduct speculative positions.
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41

James, Tom. Energy Price Risk: Trading and Price Risk Management. Palgrave Macmillan, 2003.

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42

1964-, Atkinson Sam, Rosenfield James 1957-, Eklof Dennis, Miller Garfield L, and Fleming Russell, eds. Managing financial risk: Energy strategies for volatility. Cambridge, Mass: Cambridge Energy Research Associates, 1993.

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